India’s UPI payments giant PhonePe gets SEBI nod for IPO, eyes $15 billion valuation
India's UPI payments giant PhonePe has reportedly received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), according to media reports. The Bengaluru-based company had pre-filed its DRHP through the confidential route in September last year. With SEBI approval now in place, PhonePe is expected to move closer to launching the issue, although the final timing will depend on secondary market conditions, which remain volatile. PhonePe is reported to be targeting a fundraise of up to Rs 12,000 crore, or around $1.32 billion, though the final size could change closer to the listing. The public issue is expected to be structured largely as an offer for sale (OFS), with existing shareholders, including Walmart, Tiger Global and Microsoft, offering a portion of their holdings. The IPO could value the company at around $15 billion. The proposed listing comes after a series of funding transactions over the past two years. PhoneP...
